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Sept. 28 (Bloomberg) -- The following are the top stories on metals, agriculture and shipping.
Coffee Falls in Rout as Starbucks Cup Costs $1.50: Commodities
Farmers from Vietnam to Brazil will supply a record robusta crop in the marketing year that begins next month, extending a slump in coffee futures that spurred Kraft Foods Inc. and J.M. Smucker Co. to cut prices.
Maridive 2011 Revenue to Rise 24% on Contract Wins, CFO Says (1)
Maridive & Oil Services SAE, an Egyptian marine and oil support services company, expects revenue to rise at least 24 percent to $400 million this year after winning contracts, Chief Financial Officer Emad Fawzy said.
Wrong Reasons Hurt Corn, Says UN, as Morgan Stanley Bullish (2)
A plunge in corn prices may mislead growers that world stockpiles have returned to normal, spurring farmers to cut acreage and exacerbating a shortage of the grain used in foods, fuels and animal feed, the United Nations said.
Yancoal May Spend $1 Billion Buying Australian Coal Mines (1)
Yancoal Australia Ltd., a unit of China’s fourth-largest coal producer Yanzhou Coal Mining Co., is considering spending more than $1 billion buying mines in Australia as global market turmoil makes assets cheaper.
Russian Oil to Fall as Tax Spurs Urals Exports: Energy Markets
Russian Urals oil is poised to keep falling after trading at an all-time high relative to its main benchmark grade as tax changes and a new pipeline system boost exports via Baltic Sea ports.
Russia Expands Ports to Regain Wheat Export Advantage: Freight
Russia is poised to again become the world’s second-biggest wheat exporter as the nation’s largest grain-port overhaul raises shipping capacity by as much as 67 percent in four years.
LME Takeover Bids Mean Most at Stake for Goldman Sachs, UBS (2)
The potential sale of the London Metal Exchange, home to the city’s last open-outcry trading, means Metdist Ltd., Goldman Sachs Group Inc., MF Global (U.K.) Ltd., UBS AG and Sucden Financial Ltd. have the most at stake.
IMF Asks Congo for Explanation on Sales of State Mining Assets
The International Monetary Fund asked two Democratic Republic of Congo state-owned miners for explanations of recent unannounced asset sales, according to documents on the website of the country’s Mines Ministry.
Rio May Lure Chinese to Aluminum Assets, Deutsche Bank Says (1)
Rio Tinto Group, the second-biggest mining company, may lure Chinese bidders as it seeks to sell as much as $4.1 billion of aluminum assets, Deutsche Bank AG said.
Aluminum Product Shipments by Japan Drop for Third Month (1)
Japan’s shipments of rolled-aluminum products dropped 1.5 percent in August, the third straight monthly decline, as demand weakened from can and electronics makers and exports were curbed by a strong yen.
Diamond Smuggling Risk Rising on Central African Fighting (1)
Fighting near Central African Republic’s diamond mines may increase illegal gem-trafficking, according to a letter sent to members of the Kimberley Process Certification Scheme, an international accord to combat the trade in so-called conflict diamonds.
BHP Sees Full Iron-Ore Order Book, No Ship Deferrals, RBC Says
BHP Billiton Ltd., the world’s largest miner, sees no waning of iron-ore consumption amid a slowdown in the global economy and its order books are full, RBC Capital Markets said, citing a company presentation.
Norilsk Nickel Jumps as $4.5 Billion Buyback Starts Today (1)
OAO GMK Norilsk Nickel, Russia’s biggest mining company, rose the most in 20 months in Moscow trading as it kicks off a $4.5 billion buyback program today.
China’s Shougang Seeks to Buy Iron Ore Mine in West Africa (1)
Shougang Group, planning a $1 billion iron-ore mine expansion in Peru, said it’s seeking to buy an ore mine in West Africa and develop coal projects in Mongolia, Australia and Canada.
Gold Gains as Demand for Physical Bullion Strengthens After Rout
Gold gained for a second day in London as prices that declined for three consecutive weeks spurred more demand for physical bullion and on mounting concern that Europe’s debt crisis will derail growth.
Central Rand Gold Falls to 4-Year Low After Losing Mining Right
Central Rand Gold Ltd. declined to the lowest in almost four years after the company said it will approach the Pretoria High Court in a bid to overturn a government decision to cancel its mining right.
Mauritius Plans to Seek New Markets With More Sugar Output (1)
Mauritius plans to export sugar to four new markets after increasing production this year.
Palm Oil Drops as European Debt Plan May Stall, Hurting Demand
Palm oil dropped, heading for a third quarterly decline, on concern that European leaders are divided on plans to tame a sovereign-debt crisis, potentially slowing the global economy and hurting commodity demand.
Corn Drops as Global Growth Risk Outweighs Smaller U.S. Supply
Corn, soybean and wheat declined on speculation that investors are taking money out of grains on signs of a weakening global economy.
Cocoa Falls as Supply May Outpace Use a Second Year; Sugar Rises
Cocoa fell for the first time this week in New York on speculation supplies will outpace demand a second year after a record surplus this season. Sugar rose.
Syria Seeking 44,000 Tons of Rice in Tender That Closes Nov. 2
Syria is seeking to buy 44,000 metric tons of white rice in a tender, according to the Syrian General Foreign Trade Organization.
Japan Purchases 5,600 Tons of Feed Wheat in Tender Today (1)
Japan bought 5,600 metric tons of feed wheat through a tender system introduced to loosen government grain-import controls, the Ministry of Agriculture, Forestry and Fisheries said.
Rubber Tumbles to One-Year Low on Oil’s Fall, European Concern
Rubber slumped to a one-year low, reversing earlier gains, as a drop in oil reduced the appeal of the commodity amid speculation that European leaders are divided on plans to tame a sovereign-debt crisis.
Sovcomflot Says Gazprom’s Shtokman Needs $4 Billion Fleet (1)
The OAO Gazprom-led Shtokman project to produce liquefied natural gas, or LNG, from a Barents Sea field almost 600 kilometers (370 miles) from shore may require a $4 billion fleet to transport the fuel.
Euro Crisis Makes Fed Lender of Only Resort as Funding Ebbs (1)
The Federal Reserve, chastised by Congress for lending money to foreign institutions such as the Central Bank of Libya, is once again the lender of last resort for banks around the world it knows little about.
Papandreou Wins Property Tax Vote to Meet Rescue Aid Target (1)
Greek Prime Minister George Papandreou won parliamentary backing for a property tax to meet deficit-reduction targets required to avoid default, prompting an offer of support from German Chancellor Angela Merkel.
EU Proposes Financial Transaction Tax to Start in 2014
The European Union proposed a financial-transactions tax that would take effect in 2014 and raise about 57 billion euros ($78 billion) a year.
Deflation Woes Stalk ECB’s Monetary-Policy Outlook: Euro Credit
The increasing cost of insuring against deflation in Europe suggests the European Central Bank will need to cut interest rates to prevent an economic slump from exacerbating the region’s debt crisis.
Dudley Proves This Isn’t Your Father’s New York Federal Reserve
It’s a quiet September morning outside the headquarters of the Federal Reserve Bank of New York on Liberty Street in downtown Manhattan.
S&P 500 Index Futures, Stocks Advance as Commodities Pare Losses
U.S. stock futures rose, indicating the benchmark Standard & Poor’s 500 Index may extend the biggest three-day rally in a month, and European shares rebounded. Commodities pared declines, while the yen advanced.
Greek Debt Review May Mean More Bailout Talks, Merkel Says (1)
German Chancellor Angela Merkel signaled policy makers may review the terms of Greece’s second bailout after international debt inspectors finish the latest review of the country’s finances.
EU Stiffens Deficit, Debt Rules to Prevent Further Debt Crises
The European Union toughened the enforcement of rules to control budget deficits in a bid to prevent a repetition of the Greece-triggered debt crisis that threatens the euro and global growth.
Oil Falls, Heading for Quarterly Decline on Europe Debt Crisis
Oil fell in New York, heading for the biggest quarterly decline since 2008, on speculation that fuel demand will drop as the U.S. economy slows and Europe’s debt crisis batters consumer sentiment.
Tottenham Offers to Double Modric’s Salary, Mail Says: Roundup
The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web.
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